MMV targets high end systems with new title
New high budget multiplatform title set for worldwide release.
Marvelous Entertainment announced late last week (April 9) plans to allocate new common stock shares to current CEO Haruki Nakayama. Using capital raised from this move, the company hopes to fund development on a multiplatform game targeting high end machines.
Following the new allocation of 38,900 shares, Nakayama's stake in the company will go from 19.5% to 44.9%, making him the primary share holder. Currently, the company's primary shareholder is Amuse Capital Investment with a 21.78% share.
The total amount of capital raised from the allocation will come to 496,865,000 yen. Marvelous plans on using this as half the development budget for a game with expected development cost of 1.0 billion yen. Costs will be recouped through a multiplatform release in North America, Japan, and Europe. The title is expected to be released by March 2011.
While the company did not list a specific system, it did refer to the game as targeting high end game platforms, citing PS3 and Xbox 360 as examples of such machines. Marvelous has done most of its console work this generation on the Wii, notably the recently released Muramasa Demon Blade and the upcoming Arc Rise Fantasia.
As reason for this measure, a Marvelous statement cited high end game development as being a requisite for the company's future growth. The statement also made note of losses for the previous fiscal year amid slowing orders in the domestic market and product delays in worldwide markets.
Marvelous previously announced plans for a number of cost reductions, including the voluntary retirement of around 20 staff members. On the 6th, the company announced that 23 people had taken up the voluntary retirement program and will depart the company on April 30.